Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.952

-7.6%

Nov 10 3:59 PM EST

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To: Steve Fancy who wrote (7362)	9/2/1998 2:18:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil To Use 60% Of Telebras Proceeds For Budget-Report Dow Jones Newswires BRASILIA -- Contrary to previously announced policy, the Brazilian government has included 60% of the privatization sale proceeds of Telecomunicacoes Brasileiras SA, known as Telebras, in its 1999 budget proposal to finance expenses and investments, the Estado de S. Paulo newspaper reported Wednesday. A spokeswoman at the Budget and Planning Ministry on Wednesday confirmed the budget proposal on the use of Telebras proceeds, but said officials weren't immediately available for comment. Details of the proposal, handed to Congress last Monday, show that only 40% of the Telebras proceeds will be used to pay off debt. At the same time, government officials had said earlier that the Telebras money would be used in its entirety to pay off debts. Telebras was sold on July 29 for a total of 22 billion reals (BRL) ($1=BRL1.17). The injection of the Telebras proceeds allowed the government to project an improvement in its public accounts or 1999, forecasting a primary surplus of BRL8.7 billion for next year in its budget proposal. Brazil's public sector is currently running a 12-months nominal deficit equal to 7% of GDP. -By William Vanvolsem; (5561) 244 3095;wvanvolsem@ap.org Briefing Book for: E.TCB \| TBR

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